Bill description: This bill would exempt precious metal sales from the capital gains tax.
Does it directly or indirectly create or increase any taxes, fees, or other assessments? Conversely, does it eliminate or reduce any taxes, fees, or other assessments?
Precious metals in bullion form are a constitutional form of money and should be treated as such when it comes to taxation, the fiscal note for this bill says. This bill will neutralize the tax impact of capital gains from these metal sales for Idahoans. The total impact would depend upon how many investors sell their metals and the fluctuation in their market value. The fiscal note estimates taxpayers could save a total of as much as $110,000. (+1)
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